What are just a few of the things that anyone who is involved in the cryptocurrency scene cares about? One of the biggest concerns to crypto holders is the availability of secure wallets to hold coins. Many people just leave their coins on an online wallet or exchange, and this is never a good idea, as accounts can be hacked, and your coins can be transferred to another location by malicious actors, with you never having access to those coins again. In this post, we will take a deep dive into an Electrum wallet review.
This is one of the things that are on the top of the list of concerns for serious miners, traders, holders, or just cryptocurrency enthusiasts. There are all kinds of wallet options available for every platform that give owners access to their wallets anytime. The trick is finding a secure wallet option that offers maximum protection for your coins.
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Enter Electrum
Electrum is an open-source and highly secure Bitcoin wallet. It allows users to safely store their coins offline, protected by a password on their local machine, and can only be accessed on other platforms through the original seed. The Electrum wallet can even integrate with a crypto wallet to provide even better security. With support for popular cold-storage hardware wallets like the Trezor, Ledger Nano S, and the KeepKey, Electrum is one of the oldest, most popular, and trusted Bitcoin wallets around.
Your Electrum wallet can also be accessed from almost every platform, featuring desktop support for Linux, Windows, Mac, and mobile support on Android. All you need to access your coins from any of these mediums is your wallet seed, otherwise known as your “paper key.” Download Electrum, create a wallet, write down your wallet’s seed, and you’ll be able to access your coins anytime, anywhere, and on any platform.
Security
Electrum is very well-known for its security features. Being one of the oldest wallets around, developers all around the world have contributed to its open-source code, making it highly secure and trusted by crypto holders worldwide.
It was designed to be lightweight and very efficient. Upon wallet creation, your private keys are encrypted, and you will be shown your wallet seed to write down or memorize. You won’t want to forget your seed since it is the only way to recover your coins if you lose access to the machine on which you originally created the wallet.
Electrum offers you the ability to require a password before sending any coins. This ensures that no one can transfer coins from your wallet without your chosen password if they gain access to your computer or phone while it is unlocked.
For extra security, users can choose which server they’d like to connect to for blockchain syncing and transferring coins. Users can also connect to servers through proxies of their choice or through the Tor network for even more security and privacy.
Electrum also offers the option to host your own server for the most peace of mind. By running your own server, you don’t have to place your trust in any other servers.
Convenience
Electrum offers a nice convenience for Bitcoin holders, as well. It is available on almost every platform, on both desktop and mobile. This means, using your private wallet seed, you will be able to access your coins from almost any desktop, laptop, tablet, or smartphone.
Electrum has standalone wallet applications for all major desktop operating systems, including Linux, Windows, and macOS. It is also available on Android smartphones and tablets as a free download on the Google Play Store. The only major platform you can’t currently use Electrum on is Apple’s iOS.
Having this sort of access from any device and any location affords users more convenience than almost any other Bitcoin storage medium available. Just download the wallet on the device you are looking to access your coins from, and then simply enter your private wallet key. You will then have full access to your wallet, just as you would from the device you originally set up your Electrum wallet on.
Integration With Hardware Wallets
Cold storage is the best possible way to make sure your coins are completely safe. This means they are stored offline and inaccessible to anyone but you. Cold storage is the crypto equivalent of having an air-gapped computer, a machine that is not connected to the internet and is virtually bulletproof against hackers and malicious actors.
Leaving coins on any online medium, such as a cryptocurrency exchange or an online wallet, is always a bad idea. There have been too many instances of these platforms being hacked and users losing access to their coins. The best defenses against this are standalone, offline wallets, and hardware wallets.
Hardware wallets are the equivalent of a wallet for your physical cash. They are encrypted and only accessible to the user by a password of their choice. Popular hardware wallets include the Trezor, the Ledger Nano X, and the KeepKey.
Being the dependable and versatile software wallet that it is, Electrum has the ability to integrate with these hardware wallets.
To use your hardware wallet with Electrum, simply go to the wallet creation menu of Electrum and select “Standard wallet” when asked which kind of wallet to create. On the next “Keystore” section, choose the “Use a hardware wallet” option and ensure your hardware wallet is connected to your computer. Electrum should detect it and allow you to select it at the next checkbox menu. Electrum will then sync your Electrum wallet with your hardware wallet. It’s that simple!
The Ultimate in Simplicity
These are all just a few of the examples of things that make Electrum one of the greatest and most trusted wallets around.
Being secure, convenient, and one of the oldest and most contributed-to players in the game is only half the story, however.
Folks who use Electrum love it simply because of its user interface. You will find no pretty aesthetics here, only a lightweight, efficient, and easy-to-use wallet that is easy on the eyes and easier still to use.
Not only is the simplicity of the wallet a boon for getting out of your way and getting things done with your coins, but it is also low on system resources. You won’t have to worry about your computer or phone slowing down syncing an entire blockchain, either. Your Electrum wallet simply connects to Electrum’s decentralized server system, and those servers handle most of the heavy lifting for you.
Electrum is a great option for anyone looking into trusted and secure Bitcoin wallets, and seasoned veterans in the crypto space sing high praises for it. Whether you’re a newbie to Bitcoin or someone who’s been in the scene for a while and looking for a new option, you won’t have to look any further than Electrum. It is one of the most well-known, efficient, and trusted names in the Bitcoin wallet game, and that is just another thing that makes it great.
With Electrum, you can take full control of your coins without having to worry about trusting anyone but yourself. This wallet is all you need to manage all your Bitcoin in one place.